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During the Year, a Not-For-Profit Art Gallery Acquired a Number

Question 44

Multiple Choice

During the year, a not-for-profit art gallery acquired a number of pieces for its collection. Which of the following choices for reporting the acquisitions is not in accordance with the CICA Handbook?


A) Capitalize, but do not depreciate
B) Capitalize and depreciate
C) Immediate write-off
D) Note disclosure only

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